Many Canadians plan on spending less in 2021

What are your priorities for 2021?

A recent survey from PayBright, one of Canada’s leading providers of installment payment plans, found that most Canadians plan to prioritize spending time with family, 56 per cent; peace of mind, 55 per cent; and travelling, 54 per cent.

Additionally, when asked what they intend to invest in this year, most respondents—40 per cent—said they would likely invest in social activities, while 38 per cent said they plan to invest in their mental health and well-being.

Further, 37 per cent said they will be investing in their physical health, 34 per cent said they will be plan to put money aside in savings and focus on financial preparedness, and 23 per cent said they plan on investing in home improvement.

Moreover, nearly half of respondents—40 per cent—said they plan on reducing their annual spending budget this year.

Of those planning on spending less, 38 per cent said they want to spend less in general, 24 per cent said they have had to spend less due to COVID-19, 17 per cent are focusing on paying off their existing debt, and 14 per cent said they plan to spend less due to a weariness of shopping during a pandemic.

“At the start of another unprecedented year, PayBright is continuing to help prepare retailers to meet the ever-changing needs and circumstances of Canadians in 2021,” Wayne Pommen, Senior Vice President of PayBright, said in a news release.

“We are thrilled to launch this annual report and give merchants the freshest and most accurate data available for them to make actionable insights that will help them thrive during these otherwise unpredictable times,” he continued.